New York Mercantile Exchange (Nymex) is expected to
backtrack on plans to open a trading pit in Singapore, a move
which would effectively end its previously stated plan to
establish open outcry trading venues in every major
Nymex has been in discussions with Singapore Exchange (SGX)
with a view to establishing a joint venture that would utilise
the SGX trading floor once trading in SGX has migrated fully
onto screen. However, Nymex is now leaning towards
electronic-only trading for the Asian market, according to
chairman Jim Newsome.
"Initially, [SGX] approached us to open an exchange," he
said. "Now we don't want to do that. We want to do it
electronically," Newsome told Dow Jones.
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